The personal care ingredients market is expected to exceed $12 billion by 2024.
This according to a new report from Global Market Insights Inc., which also projects the market to grow at a CAGR of 5.4% between 2017-2024.
Growth drivers include a rising involvement of women in urban workforces, a growing importance of personal grooming, and the promotional activities of market players. Other takeaways:
- Hectic lifestyles have created an increased demand for multifunctional products
- As consumers move towards sustainable and eco-friendly products (and away from animal-derived products), plant-derived personal care ingredients have seen a rising growth curve
- Milder ingredients which cause less damage—such as sulfate-free anionic surfactants—are growing in popularity
- Potential growth impediments include federal regulations and product-related side effects
- In 2016, the surfactants segments reported revenue of $0.78 billion; it is estimated to see a rising growth curve, while emollients are anticipated to pace at a CAGR of 5.8%.
- Synthetic ingredients hold the lion’s share of the industry, but demand for natural products will only increase
- The hair care segment is anticipated to see growth due to increased awareness through advertisement
- Regionally, sales will likely be high in Asia-Pacific; the region is slated to record a market revenue of $4.4 billion by 2024.
- Latin America will see “decent growth” during the forecast period, due to an increase in cosmetics brands in countries such as Mexico and Brazil
- The Middle Eastern personal care ingredients market can look forward to a “decent” growth rate, as well as “exceptional” growth for local personal care product brands